Odlums-owner Valeo Foods expands in Germany by buying confectionery firm
Odlums mill in Portarlington Co Laois. Picture: Collins Photos
Valeo Foods, best known as the owner of Jacob's biscuits and Odlums in Ireland, said it is driving an expansion into Germany with the acquisition of a large confectionery firm.
The Irish-run firm, which is owned by private equity firm CapVest, has bought Schluckwerder – which makes a large range of chocolate bars and snacks and is best known for its marzipan products – from its equity owners.
Schluckwerder has three plants in Lübeck and Adendorf, and employs 480 people.
Valeo said the latest acquisition increases revenues at its European foods businesses to €283m, its UK businesses to €583m, and €319m in sales in Ireland.
It means that Valeo sells into more than 106 countries around the world, including baking and food ingredients products, and will employ a total of 4,500 people around the world.
Last month, Valeo Foods acquired It’s All Good in Britain, which includes a tortilla chip maker. It joins Valeo brands Kettle Foods, Tangerine Confectionery, and Big Bear Confectionery.
"Schluckwerder is a great business that is supported by an extensive team of excellent people and it significantly strengthens our presence in continental Europe," said group chief executive Seamus Kearney.
"Its purchase represents the continued realisation of our strategy of building a major international food business where we see further attractive opportunities for expansion," he said.
